It's social cachet. You get to show off. You could decide to not care what clothes you're wearing, or you could be someone who likes to show off their labors.

It's social cachet. You get to show off. You could decide to not care what clothes you're wearing, or you could be someone who likes to show off their labors. This isn't important to the "game" - you can still win/lose just as well - but it's an important social aspect for those who want to show off. (I make no judgement on those who like to flaunt the fancy gear - it just makes me want to beat them even more while wearing ugly game-cosmetics that I didn't pay anything for.)